Many real estate investors count on private real estate financing to buy a new home or property, or rehab or refinance one they already own. Whereas typical lending institutions like banks will require a lengthy, time consuming application process and are more than likely to be reluctant to lend money to a self-employed borrower, private mortgage loans in Fairhope close fast and have minimal eligibility criteria.

It means that even if your credit score just went through the wringer, there is still a high likelihood of obtaining private money for a real estate loan if your investment is regarded as profitable, you have sufficient capital to use for the downpayment, you have demonstrated yourself able in past real estate ventures, you have considerable equity in the home or property or you can show an intelligible plan to take care of the loan. And with fast closings of fourteen days, private real estate mortgages in Fairhope may very well be the right solution for ambitious real estate investors.

Normally, people get in touch with a private mortgage lender in Fairhope when:

1. They want to remodel or fix up the property to be able to offer it for sale at a higher price point or to fetch higher rents.

   E.g. one of our clients owned a duplex. He previously built up sufficient equity available in the building and the rent was a regular source of income. He desired to perform some renovation to the property so that he could maintain high rents, but a lower credit score of 520 meant a bank would doubtless turn down the mortgage request. Shortly after he got into contact with Read Rock Capital to obtain a mortgage, we were pleased to do a cash-out refinance at 65% of the home's market value.

2. They've got numerous outstanding debts and would like to combine them.

   The majority of people find it stressful to make countless payments on a monthly basis. To help set up a more manageable situation, some people consolidate all of their debts into an individual mortgage loan with just one payment per month.

3. They would like to release the existing equity in one house and use it to buy another one.

   One of Island View's customers located in Hawaii owned a residence valued at $1.2 million. Since it was tough for him to find a buyer for the house, he had found someone that was ready to lease it having an option to purchase it. The rent checks were more than enough to handle the cost of his monthly mortgage bill, taxes and homeowner's insurance payments. The person furthermore consented to pay him $200,000 in the form of a downpayment for a 3 year lease contract. These sureties meant that he no longer had to concern himself with the home's ongoing financial obligations, and so when another promising real estate opportunity came up, he reached out to Read Rock Capital and obtained a private mortgage loan at 70% LTV. The loan helped him finance a different investment as well as pay off his primary mortgage.

4. They need assistance to meet the balloon payment for a previous mortgage loan.

   If an unanticipated incident stops a borrower from hitting his balloon payment due date, he could approach a different company to refinance. A cash-out refinance can help you make the balloon payment and escape consequences.

Trying to find a private mortgage lender in Fairhope to fund your investment purchase? Complete the form or call us and let's talk about your property.